For Immediate Release: June 17, 2026
Media Contact: [email protected]
BALTIMORE – Today, the Department of the Interior announced another agreement to buy back four offshore wind leases in California, New York, and the Gulf of Maine from Invenergy, claiming it furthers energy security and affordability. The developer will be reimbursed their lease sale fees and committed to making financial investments in natural gas and geothermal energy projects in the U.S.
In response, Oceantic Network has released the following statement from Sam Salustro, SVP of Policy & Market Affairs:
“The administration’s plan to pay Invenergy $765 million to walk away from legally executed offshore wind leases is an unlawful misuse of taxpayer dollars and the latest tactic to derail domestic energy development while energy prices soar. Rather than supporting large-scale, homegrown energy solutions which are already delivering savings for Northeast residents, these actions undermine local economies and threaten American jobs and energy affordability. States are already stepping up to defend their energy futures and must continue to do so. These continued attacks ignore billions in private investment and state commitments and will leave consumers paying more while viable projects are dismantled for a personal vendetta. This administration’s legacy will be seizing $2.5 billion from taxpayers to stop affordable energy as families struggle to pay their energy bills.”
Oceantic estimates the cancellation of a single 1 GW offshore wind project permanently erases $8.5–$9.5 billion in U.S. economic output, based on peer reviewed modeling and operational project benchmarks from the East Coast. On average, about 3,350 construction jobs nationwide are lost, with substantial impacts on the in-state workforce depending on the project’s location, accompanied by hundreds of millions of dollars in lost wages.
Additional Information:
- Vineyard Wind Contracts Lower Electricity Prices for Massachusetts Customers
- Offshore Wind is Working Fact Sheet
- Oceantic State and Supply Chain Sector Fact Sheets
For more information or to arrange an interview with an Oceantic spokesperson, contact us at [email protected].
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At Oceantic Network, we envision a thriving offshore energy industry powering strong economies. Offshore wind energy is the gateway to a host of other ocean renewables, including green hydrogen, wave energy, offshore solar, and more. Our collaborative member network advances the offshore renewable energy market and builds a robust supply chain of local companies. For more than a decade, Oceantic has grown alongside industry, setting the pace for an expanded view of what offshore renewable energy can deliver towards our nation’s energy mix. For more information about Oceantic membership, products and services, visit our websiteor follow us on LinkedIn.
